Income Protection Insurance (IP) is a type of insurance that provides you with a regular monthly income if you become unable to work due to illness or injury. Unlike lump sum insurance products like TPD or trauma cover, IP provides ongoing monthly payments to replace your lost income while you're unable to work. Typically, IP will replace between 70% and 85% of your pre-disability income, subject to policy limits. The benefit payments continue for either a specified benefit period (such as 2 years, 5 years, or to age 65) or until you recover and return to work, whichever comes first. There's also a waiting period before benefits commence, which you choose when taking out the policy. IP is designed to help you maintain your lifestyle and meet ongoing financial commitments like mortgage repayments, bills, and living expenses during periods when you cannot earn an income due to disability.